Its in the 10k. No point at all buying preferreds. If FNMA went insolvent, durring liquidation the preferreds owned by the Treasury Dept would get paid back first. Preferreds and common stockholders are next in line so basically in the same boat!
But don't forget, FNMA liquidating WILL NOT HAPPEN. They are prejecting huge profitability for years to come.
Preferreds are a joke. Don't waste your money. Common shares have a much bigger potential for gains.